SoftBank Group Completes Acquisition of Fortress Investment Group
Acquisition brings additional investment expertise to SoftBank Fortress will continue to operate independently
TOKYO, Japan, December 28 (JST), 2017 — SoftBank Group Corp. (“SoftBank” or “SBG”) today announced that it has completed the previously announced acquisition of Fortress Investment Group LLC (NYSE: FIG) (“Fortress”) for $3.3 billion in cash. Following the close of the transaction, SBG and its wholly-owned subsidiaries own all outstanding Fortress shares. The completion follows the satisfaction of all conditions to the closing of the transaction, including approval of the transaction by Fortress shareholders on July 12, 2017 and receipt of all necessary regulatory approvals.
As a result of the acquisition, each outstanding Fortress Class A share was converted into the right to receive $8.08 per share in cash, with merger proceeds to be distributed in accordance with payment procedures outlined in Fortress's Definitive Proxy dated June 7, 2017 and the Merger Agreement incorporated therein. Fortress's common stock has ceased trading and was delisted from the New York Stock Exchange. Fortress's financial results will be consolidated and reflected on SBG's consolidated financial statements following the acquisition closing date of December 27 (EST), 2017. SBG will announce the impact of the consolidation as necessary.
Fortress will operate within SoftBank as an independent business headquartered in New York. Fortress Principals Pete Briger, Wes Edens and Randy Nardone will continue to lead Fortress. SoftBank is committed to maintaining the leadership, business model, brand, personnel, processes and culture that have supported Fortress's success to date.
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